Ringgit higher for third consecutive day, taking advantage of drifting US dollar

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KUALA LUMPUR (Jan 21): The ringgit opened higher against the US dollar for the third consecutive day, taking advantage of the drifting greenback and the oil market rally.

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At 9 am, the ringgit improved to 4.0400/0460 versus the US dollar from 4.0430/0470 at Wednesday’s close.

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Axi chief global market strategist Stephen Innes said that the local note could consolidate around the current level today as the Group of Ten (G-10) traders debate the US dollar’s near-term direction.

The G-10 comprises 11 industrial countries — Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States — which consult and co-operate on economic, monetary and financial matters.- The Edge Market

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